The British pound is trading around the pivotal 1.3650 level against the US dollar as the pair consolidates ahead of the Bank of England policy meeting. Technical analysis shows that the GBPUSD pair could fall towards the 1.3550 level if the central bank strikes a dovish tone. A more hawkish tone from the Bank of England could cause a rally towards the 1.3770 resistance area.
The GBPUSD pair is only bullish while trading above the 1.3650 level, key resistance is found at the 1.3710 and the 1.3770 levels.
If the GBPUSD pair trades below 1.3650, sellers may test the 1.3600 and 1.3550 support levels.